Reliance Power to sell off three Indonesian coal mines

India?s Reliance Power has decided to sell three coal mines in Indonesia and concentrate on coal mining business in the country to support Prime Minister Narendra Modi's initiative of 'Make in India', reports said.

"India has ambitious plans of doubling its coal production from 450 million tons to 900 million tons. We have also decided to exit the coal business in Indonesia and we hope to complete transactions (in this regard) in the course of this year," Chairman Anil Ambani told shareholders at the company's 21st annual general meeting Wednesday as reported by Indiatimes.com.

He said the company will be focusing on coal mining business and coal resources business in India.

In 2008, the company through its subsidiary Reliance Coal Resources (RCRPL) had acquired 100 percent in three coal mines in Indonesia with total reserves of two billion metric tons.

RCRPL had acquired Srivijaya Bintangtiga Energy, Bryayan Bintangtiga Energy and Sugico Pendragon Energy in South Sumatra of Indonesia spread over 40,000 hectares.

R-Power currently has only two coal mines which are located in India?s Sasan in Madhya Pradesh -- Moher and Moher captive coal block for its 3960 mw Ultra Mega Power Project (UMPP) with a total reserve of 20 million tons.(*)